Rumble (RUM) Q1 2025: Brand Advertiser Wins and 87% User Retention Signal Monetization Inflection
Rumble’s first quarter 2025 marked a strategic inflection, with high user retention and the first major brand advertisers validating the platform’s evolving monetization model. Progress across Rumble Ads, Rumble Cloud, and the soon-to-launch Rumble Wallet signal a broadened revenue base and international ambitions, while disciplined cost control and a fortified balance sheet provide operational runway. Investors now face a business shifting from audience aggregation to diversified monetization, with execution on wallet and cloud partnerships set to determine the next leg of growth.
Summary
- Brand Advertiser Breakthrough: Major campaigns from Netflix, Chevron, and Crypto.com validate Rumble’s ad platform evolution.
- User Retention Surges: Post-election MAU retention jumped to 87%, a sharp improvement over prior cycles.
- International and Crypto Expansion: Rumble Wallet and cloud localization efforts position the company for global growth and new monetization streams.
Performance Analysis
Rumble delivered 34% year-over-year revenue growth in Q1 2025, driven by improved audience monetization and initial traction in new business lines. The company’s 59 million monthly active users (MAUs) represented an 87% retention rate from Q4, a marked improvement from the 60% retention seen after the 2022 U.S. midterms. This signals a more resilient and engaged user base, which is a critical foundation for long-term monetization.
Advertiser demand, a historical weak point, is finally materializing, with completed and ongoing brand campaigns from Netflix, Chevron, and Crypto.com. Subscription revenue and tipping fees contributed to higher ARPU, though ARPU dipped sequentially due to lower ad rates offset by subscription growth. Cost discipline was evident, with cost of services declining despite revenue growth, though one-time G&A expenses related to executive transitions and payroll taxes temporarily elevated operating costs. Adjusted EBITDA loss improved 14% year-over-year, and the Tether investment has expanded Rumble’s cash position to over $300 million, supporting growth initiatives.
- Brand Monetization Emerges: New partnerships mark a shift from ad boycott headwinds to early brand traction.
- Subscription and Tipping Growth: These streams now drive a larger share of audience monetization, diversifying revenue beyond ads.
- Cost Management Progress: Content and programming costs fell, supporting margin improvement despite ramping investment in new products.
With foundational metrics stabilizing and monetization levers broadening, Rumble’s Q1 results suggest a business moving past the “audience build” phase and entering a more diversified, scalable growth cycle. The challenge now shifts to scaling these early wins in ads, cloud, and crypto products into sustainable, high-margin revenue streams.
Executive Commentary
"Our user retention in Q1 greatly exceeded the previous post-midterm election cycle, something our team was laser-focused on accomplishing since Q1 2023. Specifically, we posted MAUs of 59 million this quarter, which is an 87% retention from Q4. This is a massive improvement from the 60% retention we experienced in Q1 2023 after the U.S. midterm elections back in Q4 2022."
Chris Pavlovsky, Founder, Chairman & Chief Executive Officer
"Adjusted EBITDA loss for the first quarter of 2025 was $22.7 million, a 14% improvement compared to a loss of $26.5 million in the first quarter of 2024. As we ramp up monetization and maintain discipline around our cost structure, we continue to expect to move materially towards adjusted EBITDA break-even in 2025."
Brandon Alexandroff, Chief Financial Officer
Strategic Positioning
1. Brand Advertising Inflection
Rumble’s platform is finally attracting blue-chip advertisers, with Netflix, Chevron, and Crypto.com campaigns validating the company’s ability to serve large brand budgets. This shift follows years of advertiser reluctance, and management sees the political environment as a tailwind for further ad growth. The company is also exploring programmatic and AI-driven ad tools to accelerate ad revenue at scale, though management cautions these will take time to reach material contribution.
2. International and Crypto Ambitions
The Rumble Wallet, developed with Tether, is positioned as a gateway to international markets and the creator economy. Management sees strong demand from creators for Bitcoin and stablecoin payments, and is localizing the video product to launch wallet and platform expansion in multiple languages. The wallet will directly compete with Coinbase, aiming to become the most prominent non-custodial Bitcoin and stablecoin wallet for creators and users globally.
3. Rumble Cloud: Vertical Expansion
Rumble Cloud continues to diversify its customer base, with new government and sports vertical wins, including a partnership with the government of El Salvador and the Tampa Bay Buccaneers. The company sees growing appetite for its cloud solutions in sensitive and regulated sectors, and is piloting with crypto customers as well. This vertical focus could drive higher-margin, recurring revenue as cloud adoption scales.
4. M&A Optionality
Management remains open to strategic acquisitions, citing a history of buying assets like Locals and Colin. The strong cash position post-Tether deal allows Rumble to pursue deals that could accelerate product expansion or geographic reach, though specifics remain undisclosed.
Key Considerations
Rumble’s Q1 2025 reflects a business at a strategic crossroads, with monetization levers broadening and operational discipline supporting future investments. The next phase will test the company’s ability to scale brand, cloud, and crypto products while maintaining user engagement.
Key Considerations:
- Brand Advertiser Validation: Early wins with major brands must translate into sustained, repeatable campaigns to drive ad revenue growth.
- International Wallet Launch: The ability to localize content and execute a seamless wallet rollout will be critical for capturing international MAU and monetization upside.
- Cloud Vertical Scaling: Partnerships in government and sports provide proof points, but broader adoption and recurring revenue are needed for cloud to become material.
- Cost Structure Flexibility: One-time G&A spikes aside, continued discipline will be required as Rumble invests in new product launches and potential M&A.
Risks
Rumble faces execution risk in scaling new monetization streams, especially as ad market penetration and wallet adoption remain nascent. Competitive pressure from entrenched platforms like YouTube and Coinbase, regulatory scrutiny in crypto, and the challenge of sustaining high user retention post-election all present material uncertainties. The company’s ability to convert brand interest and international expansion into durable, high-margin revenue will determine long-term success.
Forward Outlook
For Q2 2025, Rumble management reiterated:
- Material progress toward adjusted EBITDA break-even remains the target for 2025.
- Rumble Wallet launch is slated for Q3, with international rollout and exchange partnerships in development.
For full-year 2025, management maintained its focus on:
- Increasing monetization efficiency across ads, subscriptions, and cloud.
- Deploying Tether capital to accelerate product and geographic expansion.
Management emphasized that brand advertiser momentum and international wallet adoption are key variables for the year’s performance, and flagged ongoing investment in AI and programmatic ad tools as long-term growth drivers.
Takeaways
Rumble’s Q1 2025 results reveal a business shifting from audience aggregation to diversified monetization, with brand advertiser breakthroughs and high user retention providing a foundation for scaling new revenue streams.
- Brand Momentum Critical: Sustained engagement from major advertisers is now possible, but must scale rapidly to offset legacy ad headwinds.
- International and Wallet Execution: The success of the Rumble Wallet and global localization will be pivotal for unlocking new growth vectors.
- Focus for Investors: Watch for evidence of recurring brand campaigns, cloud customer wins, and wallet adoption metrics as leading indicators of durable revenue growth.
Conclusion
Rumble’s first quarter 2025 marked a decisive shift, with improved user retention and the first major brand campaigns validating the monetization thesis. Execution on wallet, cloud, and international expansion will determine whether Rumble can sustain its growth trajectory and close the gap with larger digital platforms.
Industry Read-Through
Rumble’s brand advertiser traction and crypto wallet ambitions signal a broader trend among digital platforms seeking to diversify revenue beyond traditional ads, especially as audience loyalty and creator payment preferences shift. The company’s ability to attract blue-chip brands after a period of ad boycotts may foreshadow a thaw in advertiser caution toward alternative media platforms. Meanwhile, the direct integration of crypto wallets and non-custodial payment options could pressure incumbents like YouTube and Coinbase to accelerate innovation in creator monetization and international payments. Cloud partnerships with government and sports entities highlight the growing appetite for alternative cloud providers in regulated verticals, a theme that could play out across the infrastructure sector.